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Bandwidth Announces Third Quarter 2024 Financial Results

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Exceeded revenue and profitability guidance ranges

Raising full year 2024 guidance for revenue and profitability

RALEIGH, N.C., Oct. 31, 2024 /PRNewswire/ — Bandwidth Inc. (NASDAQ: BAND), a leading global enterprise cloud communications company, today announced financial results for the third quarter ended September 30, 2024.

“We’re pleased to report solid momentum carrying us into the end of the year, with record revenue and profitability performance, strong conversion to free cash flow and continued operating discipline,” said David Morken, CEO of Bandwidth. “These results are driven by the trust our customers place in us to deliver their business-critical services. We are excited by our new, next-generation Universal Platform as the foundation of our strong innovation roadmap, demonstrating a clear focus on the needs of the world’s largest enterprises.”

Third Quarter 2024 Financial Highlights

The following table summarizes the condensed consolidated financial highlights for the three and nine months ended September 30, 2024 and 2023 ($ in millions).

Three months ended
September 30,

Nine months ended

September 30,

2024

2023

2024

2023

Revenue

$        194

$        152

$        539

$        436

Gross Margin

38 %

39 %

38 %

40 %

Non-GAAP Gross Margin (1)

58 %

55 %

57 %

54 %

Adjusted EBITDA (1)

$           24

$           14

$           59

$           29

Free Cash Flow (1)

$           14

$           18

$           28

$             6

(1) Additional information regarding the Non-GAAP financial measures discussed in this release, including an explanation of these measures and how each is calculated, is included below under the heading “Non-GAAP Financial Measures.” A reconciliation of GAAP to Non-GAAP financial measures has also been provided in the financial tables included below.

“Bandwidth delivered a record third quarter, with growth across all our products and customer categories. Total revenue reached $194 million, marking a 28 percent increase, and Adjusted EBITDA grew to $24 million, representing a 74 percent increase year-over-year. Both metrics surpassed the upper range of our guidance, leading us to raise our full-year outlook on both the top and bottom lines” said Daryl Raiford, Bandwidth’s Chief Financial Officer. “Our priorities remain consistent: to serve and delight our customers, execute with precision and stay committed to long-term, profitable growth.”

Third Quarter Customer and Operational Highlights

Introduced the next-generation Universal Platform bringing the power of Bandwidth in one consistent global experience for all real-time communications needs, with new features, upgraded capabilities, and a modernized global network underpinning the platform to make it easier to consolidate and expand into new markets around the world.Bandwidth announced it now offers the largest ecosystem of bring-your-own-carrier (BYOC) integrations of any provider in the world within the Maestro communications platform – giving enterprises more ways to solve complex communications challenges.Bandwidth has registered as an RBM (RCS Business Messaging) partner with Google, setting itself up to enable RCS (Rich Communication Services) across all key markets.Bandwidth announced Number Reputation Management is coming soon as a solution to correct false “spam” labels and make sure enterprise’s urgent and important calls are displayed correctly so they can be answered.A high-volume patient engagement platform switched to Bandwidth for text messaging. They needed message deliverability assurance and message performance insights to ensure timely patient communications.A large, diversified credit union chose Bandwidth to provide voice services for its new, modernized on-premise contact center. Bandwidth’s all-IP network and Maestro platform made it easy for the customer to integrate with a modern tech stack and enables them to add new services in the future.

Financial Outlook

Bandwidth’s outlook is based on current indications for its business, which are subject to change. Bandwidth is providing guidance for its fourth quarter and full year 2024 as follows (in millions):

4Q 2024
Guidance

Full Year 2024
Guidance

Revenue

$198 – $208

$737 – $747

Adjusted EBITDA

$19 – $21

$78 – $80

Bandwidth has not reconciled its fourth quarter and full year 2024 guidance related to Adjusted EBITDA to GAAP net income or loss, because stock-based compensation cannot be reasonably calculated or predicted at this time. Accordingly, a reconciliation is not available without unreasonable effort.

Upcoming Investor Conference Schedule

Barclays Global Technology Conference in San Francisco, CA. Meetings with John Bell, Chief Product Officer and Shiv Hira, EVP Finance on Wednesday, December 11th, 2024.

About Bandwidth Inc.

Bandwidth (NASDAQ: BAND) is a global cloud communications software company that helps enterprises deliver exceptional experiences through voice calling, text messaging and emergency services. Our solutions and our Communications Cloud, covering 65+ countries and over 90 percent of global GDP, are trusted by all the leaders in unified communications and cloud contact centers–including Amazon Web Services (AWS), Cisco, Google, Microsoft, RingCentral, Zoom, Genesys and Five9–as well as Global 2000 enterprises and SaaS builders like Docusign, Uber and Yosi Health. As a founder of the cloud communications revolution, we are the first and only global Communications Platform-as-a-Service (CPaaS) to offer a unique combination of composable APIs, AI capabilities, owner-operated network and broad regulatory experience. Our award-winning support teams help businesses around the world solve complex communications challenges to reach anyone, anywhere. For more information, visit www.bandwidth.com.

Earnings webcast
Bandwidth will host a webcast to discuss financial results for the third quarter ended September 30, 2024 on October 31, 2024. Details can be found below and on the investor section of its website at https://investors.bandwidth.com where a replay will also be available shortly following the event.

Webcast Details
October 31, 2024
8:00 am ET

To view live event and replay investors and analysts can register at investors.bandwidth.com

Forward-Looking Statements

This press release includes forward-looking statements. All statements contained in this press release other than statements of historical facts, including, without limitation, future financial and business performance for the quarter and year ending December 31, 2024, the success of our product offerings and our platform, and the value proposition of our products, are forward-looking statements. The words “anticipate,” “assume,” “believe,” “continue,” “estimate,” “expect,” “intend,” “guide,” “may,” “will” and similar expressions and their negatives are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to a number of risks and uncertainties, including, without limitation, risks related to our rapid growth and ability to sustain our revenue growth rate, competition in the markets in which we operate, market growth, our ability to innovate and manage our growth, our ability to expand effectively into new markets, macroeconomic conditions both in the U.S. and globally, legal, reputational and financial risks which may result from ever-evolving cybersecurity threats, our ability to operate in compliance with applicable laws, as well as other risks and uncertainties set forth in the “Risk Factors” section of our latest Form 10-K filed with the Securities and Exchange Commission (the “SEC”) and any subsequent reports that we file with the SEC. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, we cannot guarantee future results, levels of activity, performance, achievements or events and circumstances reflected in the forward-looking statements will occur. We are under no obligation to update any of these forward-looking statements after the date of this press release to conform these statements to actual results or revised expectations, except as required by law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.

Non-GAAP Financial Measures

To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States, or GAAP, we provide investors with certain Non-GAAP financial measures and other business metrics, which we believe are helpful to our investors. We use these Non-GAAP financial measures and other business metrics for financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons. We believe that these Non-GAAP financial measures and other business metrics provide useful information about our operating results, enhance the overall understanding of past financial performance and future prospects and allow for greater transparency with respect to metrics used by our management in its financial and operational decision-making.

The presentation of Non-GAAP financial information and other business metrics is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. While our Non-GAAP financial measures and other business metrics are an important tool for financial and operational decision-making and for evaluating our own operating results over different periods of time, we urge investors to review the reconciliation of these financial measures to the comparable GAAP financial measures included below, and not to rely on any single financial measure to evaluate our business.

We define Non-GAAP gross profit as gross profit after adding back depreciation, amortization of acquired intangible assets related to acquisitions and stock-based compensation. We add back depreciation, amortization of acquired intangible assets related to acquisitions and stock-based compensation because they are non-cash items. We eliminate the impact of these non-cash items, because we do not consider them indicative of our core operating performance. Their exclusion facilitates comparisons of our operating performance on a period-to-period basis. Therefore, we believe that showing gross margin, as adjusted to remove the impact of these non-cash expenses, is helpful to investors in assessing our gross profit and gross margin performance in a way that is similar to how management assesses our performance. We calculate Non-GAAP gross margin by dividing Non-GAAP gross profit by cloud communications revenue, which is revenue less pass-through messaging surcharges.

We define Non-GAAP net income (loss) as net income or loss adjusted for certain items affecting period to period comparability. Non-GAAP net income (loss) excludes stock-based compensation, amortization of acquired intangible assets related to acquisitions, amortization of debt discount and issuance costs for convertible debt, acquisition related expenses, impairment charges of intangibles assets, net cost associated with early lease terminations and leases without economic benefit, (gain) loss on sale of business, net (gain) loss on extinguishment of debt, gain on business interruption insurance recoveries, non-recurring items not indicative of ongoing operations and other, and estimated tax impact of above adjustments, net of valuation allowances.

We define Adjusted EBITDA as net income or losses from continuing operations, adjusted to reflect the addition or elimination of certain statement of operations items including, but not limited to: income tax (benefit) provision, interest (income) expense, net, depreciation and amortization expense, acquisition related expenses, stock-based compensation expense, impairment of intangible assets, (gain) loss on sale of business, net cost associated with early lease terminations and leases without economic benefit, net (gain) loss on extinguishment of debt, gain on business interruption insurance recoveries, and non-recurring items not indicative of ongoing operations and other. We have presented Adjusted EBITDA because it is a key measure used by our management and board of directors to understand and evaluate our core operating performance and trends, generate future operating plans, and make strategic decisions regarding the allocation of capital. In particular, we believe that the exclusion of certain items in calculating Adjusted EBITDA can produce a useful measure for period-to-period comparisons of our business.

We define free cash flow as net cash provided by or used in operating activities less net cash used in the acquisition of property, plant and equipment and capitalized development costs for software for internal use. We believe free cash flow is a useful indicator of liquidity and provides information to management and investors about the amount of cash generated from our core operations that can be used for investing in our business. Free cash flow has certain limitations in that it does not represent the total increase or decrease in the cash balance for the period, it does not take into consideration investment in long-term securities, nor does it represent the residual cash flows available for discretionary expenditures. Therefore, it is important to evaluate free cash flow along with our condensed consolidated statements of cash flows.

We believe that these Non-GAAP financial measures provide useful information about our operating results, enhance the overall understanding of past financial performance and future prospects and allow for greater transparency with respect to metrics used by our management in its financial and operational decision-making. While a reconciliation of Non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis as a result of the uncertainty regarding, and the potential variability of, many of these costs and expenses that we may incur in the future, we have provided a reconciliation of Non-GAAP financial measures and other business metrics to the nearest comparable GAAP measures in the accompanying financial statement tables included in this press release.

 

BANDWIDTH INC.

Condensed Consolidated Statements of Operations

(In thousands, except share and per share amounts)

(Unaudited)

Three months ended September 30,

Nine months ended September 30,

2024

2023

2024

2023

Revenue

$               193,883

$               152,013

$               538,518

$               435,731

Cost of revenue

120,749

92,514

335,071

261,624

Gross profit

73,134

59,499

203,447

174,107

Operating expenses

Research and development

30,171

24,792

87,215

75,305

Sales and marketing

26,285

25,011

81,490

75,794

General and administrative

17,576

15,843

52,130

48,430

Total operating expenses

74,032

65,646

220,835

199,529

Operating loss

(898)

(6,147)

(17,388)

(25,422)

Other income, net

577

798

11,358

16,819

Loss before income taxes

(321)

(5,349)

(6,030)

(8,603)

Income tax benefit

734

219

1,265

3,194

Net income (loss)

$                      413

$                 (5,130)

$                 (4,765)

$                 (5,409)

Net income (loss) per share:

Basic

$                     0.02

$                   (0.20)

$                   (0.18)

$                   (0.21)

Diluted

$                     0.01

$                   (0.20)

$                   (0.18)

$                   (0.21)

Weighted average number of common shares outstanding:

Basic

27,374,367

25,613,441

26,983,931

25,539,642

Diluted

28,615,520

25,613,441

26,983,931

25,539,642

The Company recognized total stock-based compensation expense as follows:

Three months ended September 30,

Nine months ended September 30,

2024

2023

2024

2023

Cost of revenue

$                      352

$                      182

$                   1,123

$                      578

Research and development

4,606

2,822

14,606

9,278

Sales and marketing

1,744

1,160

6,014

3,825

General and administrative

4,747

2,778

13,405

8,644

Total

$                 11,449

$                   6,942

$                 35,148

$                 22,325

 

BANDWIDTH INC.

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)

 

As of September 30,

As of December 31,

2024

2023

Assets

Current assets:

Cash and cash equivalents

$                       74,940

$                     131,987

Marketable securities

4,967

21,488

Accounts receivable, net of allowance for doubtful accounts

99,616

78,155

Deferred costs

3,806

4,155

Prepaid expenses and other current assets

15,333

16,990

Total current assets

198,662

252,775

Property, plant and equipment, net

170,131

177,864

Operating right-of-use asset, net

152,559

157,507

Intangible assets, net

159,254

166,914

Deferred costs, non-current

4,511

4,586

Other long-term assets

4,244

5,530

Goodwill

340,387

335,872

Total assets

$                  1,029,748

$                  1,101,048

Liabilities and stockholders’ equity

Current liabilities:

Accounts payable

$                       20,557

$                       34,208

Accrued expenses and other current liabilities

94,414

69,014

Current portion of deferred revenue

7,020

8,059

Advanced billings

3,304

6,027

Operating lease liability, current

3,360

5,463

Line of credit, current portion

25,000

Total current liabilities

153,655

122,771

Other liabilities

360

386

Operating lease liability, net of current portion

219,705

220,548

Deferred revenue, net of current portion

8,133

8,406

Deferred tax liability

30,348

33,021

Convertible senior notes

280,972

418,526

Total liabilities

693,173

803,658

Stockholders’ equity:

Class A and Class B common stock

28

26

Additional paid-in capital

426,757

391,048

Accumulated deficit

(69,655)

(64,890)

Accumulated other comprehensive loss

(20,555)

(28,794)

Total stockholders’ equity

336,575

297,390

Total liabilities and stockholders’ equity

$                  1,029,748

$                  1,101,048

 

BANDWIDTH INC.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

Nine months ended September 30,

2024

2023

Cash flows from operating activities

Net loss

$                        (4,765)

$                        (5,409)

Adjustments to reconcile net loss to net cash provided by operating activities

Depreciation and amortization

37,138

29,687

Non-cash reduction to the right-of-use asset

2,759

5,227

Amortization of debt discount and issuance costs

1,332

1,995

Stock-based compensation

35,148

22,325

Deferred taxes and other

(4,249)

(5,902)

Gain on sale of intangible asset

(1,000)

Net gain on extinguishment of debt

(10,267)

(12,767)

Changes in operating assets and liabilities:

Accounts receivable, net of allowances

(21,318)

(654)

Prepaid expenses and other assets

2,482

2,102

Accounts payable

(11,940)

4,164

Accrued expenses and other liabilities

24,991

(13,031)

Operating right-of-use liability

(2,946)

(8,004)

Net cash provided by operating activities

47,365

19,733

Cash flows from investing activities

Purchase of property, plant and equipment

(10,636)

(5,287)

Refund of deposits for construction in progress

2,707

Capitalized software development costs

(8,571)

(8,384)

Purchase of marketable securities

(32,081)

(60,625)

Proceeds from sales and maturities of marketable securities

48,649

100,109

Proceeds from sale of business

624

1,070

Proceeds from sale of intangible assets

1,000

Net cash provided by investing activities

1,692

26,883

Cash flows from financing activities

Borrowings on line of credit

165,500

Repayments on line of credit

(140,500)

Payments on finance leases

(68)

(124)

Net cash paid for debt extinguishment

(128,534)

(51,259)

Payment of debt issuance costs

(379)

(696)

Proceeds from exercises of stock options

128

413

Value of equity awards withheld for tax liabilities

(2,291)

(1,056)

Net cash used in financing activities

(106,144)

(52,722)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

41

(887)

Net decrease in cash, cash equivalents, and restricted cash

(57,046)

(6,993)

Cash, cash equivalents, and restricted cash, beginning of period

132,307

114,622

Cash, cash equivalents, and restricted cash, end of period

$                       75,261

$                     107,629

 

BANDWIDTH INC.

Reconciliation of Non-GAAP Financial Measures

(In thousands, except share and per share amounts)

(Unaudited)

 

Non-GAAP Gross Profit and Non-GAAP Gross Margin

 

Three months ended September 30,

Nine months ended September 30,

2024

2023

2024

2023

Gross Profit

$            73,134

$            59,499

$          203,447

$          174,107

Gross Profit Margin %

38 %

39 %

38 %

40 %

Depreciation

4,679

4,056

14,135

11,790

Amortization of acquired intangible assets

1,977

1,959

5,877

5,863

Stock-based compensation

352

182

1,123

578

Non-GAAP Gross Profit

$            80,142

$            65,696

$          224,582

$          192,338

Non-GAAP Gross Margin % (1)

58 %

55 %

57 %

54 %

________________________

(1) Calculated by dividing Non-GAAP gross profit by cloud communications revenue of $139 million and $396 million in the three and nine months ended September 30, 2024, respectively, and $120 million and $353 million for the three and nine months ended September 30, 2023, respectively.

 

BANDWIDTH INC.

Reconciliation of Non-GAAP Financial Measures

(In thousands, except share and per share amounts)

(Unaudited)

 

Non-GAAP Net Income

 

Three months ended September 30,

Nine months ended September 30,

2024

2023

2024

2023

Net income (loss)

$                      413

$                 (5,130)

$                 (4,765)

$                 (5,409)

Stock-based compensation

11,449

6,942

35,148

22,325

Amortization of acquired intangibles

4,436

4,348

13,133

12,960

Amortization of debt discount and issuance costs for convertible debt

311

484

1,180

1,520

Net cost associated with early lease terminations and leases without economic benefit

350

1,175

2,383

1,175

Net gain on extinguishment of debt

(10,267)

(12,767)

Gain on business interruption insurance recoveries

(4,000)

Non-recurring items not indicative of ongoing operations and other (1)

(957)

54

(828)

793

Estimated tax effects of adjustments (2)

(3,211)

(1,526)

(6,654)

(4,661)

Non-GAAP net income

$                 12,791

$                   6,347

$                 29,330

$                 11,936

Interest expense on Convertible Notes (3)

251

317

868

971

Numerator used to compute Non-GAAP diluted net income per share

$                 13,042

$                   6,664

$                 30,198

$                 12,907

Net income (loss) per share

Basic

$                     0.02

$                   (0.20)

$                   (0.18)

$                   (0.21)

Diluted

$                     0.01

$                   (0.20)

$                   (0.18)

$                   (0.21)

Non-GAAP net income per Non-GAAP share

Basic

$                     0.47

$                     0.25

$                     1.09

$                     0.47

Diluted

$                     0.43

$                     0.23

$                     0.98

$                     0.44

Weighted average number of shares outstanding

Basic

27,374,367

25,613,441

26,983,931

25,539,642

Diluted

28,615,520

25,613,441

26,983,931

25,539,642

Non-GAAP basic shares

27,374,367

25,613,441

26,983,931

25,539,642

Convertible debt conversion

1,779,025

3,317,023

2,503,118

3,484,424

Stock options issued and outstanding

25,021

20,360

28,785

47,345

Nonvested RSUs outstanding

1,216,132

1,430,317

Non-GAAP diluted shares

30,394,545

28,950,824

30,946,151

29,071,411

________________________

(1) Non-recurring items not indicative of ongoing operations and other include (i) $1.0 million gain on the sale of an intangible asset and less than $0.1 million of losses on disposals of property, plant and equipment during the three months ended September 30, 2024, (ii) $0.1 million of losses on disposals of property, plant and equipment during the three months ended September 30, 2023, (iii) $1.0 million gain on the sale of an intangible asset and $0.2 million of losses on disposals of property, plant and equipment during the nine months ended September 30, 2024, and (iv) $0.4 million of expense resulting from the early termination of our undrawn SVB credit facility and $0.4 million of losses on disposals of property, plant and equipment during the nine months ended September 30, 2023.

(2) The estimated tax-effect of adjustments is determined by recalculating the tax provision on a Non-GAAP basis. The Non-GAAP effective income tax rate was 15.5% and 11.0% for the nine months ended September 30, 2024 and 2023, respectively. For the nine months ended September 30, 2024, the Non-GAAP effective income tax rate differed from the federal statutory tax rate of 21% in the U.S. primarily due to the research and development tax credits generated in 2024. We analyze the Non-GAAP valuation allowance position on a quarterly basis. In the fourth quarter of 2022, we removed the valuation allowance against all U.S. deferred tax assets for Non-GAAP purposes as a result of cumulative Non-GAAP U.S. income over the past three years and a significant depletion of net operating loss and tax credit carryforwards on a Non-GAAP basis. As of September 30, 2024, we have no valuation allowance against our remaining deferred tax assets for Non-GAAP purposes.

(3) Non-GAAP net income is increased for interest expense as part of the calculation for diluted Non-GAAP earnings per share.

 

Adjusted EBITDA

Three months ended September 30,

Nine months ended September 30,

2024

2023

2024

2023

Net income (loss)

$                      413

$                 (5,130)

$                 (4,765)

$                 (5,409)

Income tax benefit

(734)

(219)

(1,265)

(3,194)

Interest expense (income), net

1,025

(59)

1,090

1,177

Depreciation

7,989

6,647

24,005

16,727

Amortization

4,436

4,348

13,133

12,960

Stock-based compensation

11,449

6,942

35,148

22,325

Net cost associated with early lease terminations and leases without economic benefit

350

1,175

2,383

1,175

Net gain on extinguishment of debt

(10,267)

(12,767)

Gain on business interruption insurance recoveries

(4,000)

Non-recurring items not indicative of ongoing operations and other (1)

(957)

54

(828)

391

Adjusted EBITDA

$                 23,971

$                 13,758

$                 58,634

$                 29,385

________________________

(1) Non-recurring items not indicative of ongoing operations and other include (i) $1.0 million gain on the sale of an intangible asset and less than $0.1 million of losses on disposals of property, plant and equipment during the three months ended September 30, 2024, (ii) $0.1 million of losses on disposals of property, plant and equipment during the three months ended September 30, 2023, (iii) $1.0 million gain on the sale of an intangible asset and $0.2 million of losses on disposals of property, plant and equipment during the nine months ended September 30, 2024, and (iv) $0.4 million of losses on disposals of property, plant and equipment during the nine months ended September 30, 2023.

 

Free Cash Flow

Three months ended September 30,

Nine months ended September 30,

2024

2023

2024

2023

Net cash provided by operating activities

$                 20,464

$                 23,001

$                 47,365

$                 19,733

Net cash used in investing in capital assets (1)

(6,219)

(4,811)

(19,207)

(13,671)

Free cash flow

$                 14,245

$                 18,190

$                 28,158

$                   6,062

________________________

(1) Represents the acquisition cost of property, plant and equipment and capitalized development costs for software for internal use.

 

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SOURCE Bandwidth Inc.

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Technology

Daytona Unveils Agent-Agnostic Infrastructure for Sandboxing AI Coding Assistants

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New York-based startup enables AI agents to code autonomously in secure environments, addressing fundamental limitations in current AI coding tools

NEW YORK, Oct. 31, 2024 /PRNewswire/ — Daytona, a leader in development environment management, announced its OpenHands demo on agent-agnostic middleware infrastructure today, addressing fundamental limitations in current AI coding tools. This solution enables AI coding agents to operate in parallel sandboxed environments, marking a paradigm shift from traditional file-scoped AI assistance to true autonomous development capabilities.

“Current AI coding assistants are constrained by local environments and lack of output access, leading to inconsistent experiences, compute limitations, and security concerns,” said Ivan Burazin, CEO of Daytona. “Our infrastructure allows AI agents to dynamically spin up unlimited workspace replicas, test multiple solutions simultaneously, and deliver fully tested code outcomes – capabilities that were previously impossible.”

This technology represents a step toward democratizing software development,” explains Burazin. “What was once complex and risky is now simple and secure, making AI-powered software development accessible to everyone, regardless of their technical background and security restrictions.”

The platform launched with OpenHands integration first, demonstrating how AI agents can leverage proper infrastructure support to perform complex development tasks. OpenHands is one of several popular open-source AI coding agents that help developers write software through natural language commands.

“This is the future of AI-assisted development,” added Burazin. “Instead of theoretical suggestions, AI agents can now independently experiment, iterate, and solve complex coding challenges in real-time, delivering practical, tested solutions seamlessly.”

The proof of concept is available immediately through openhands.daytona.io, with no waitlist or complex setup required. As part of its commitment to advancing AI development standards, Daytona is actively seeking collaboration with the developer community to help shape the future of AI agent infrastructure.

“We believe that AI will automate the majority of programming tasks in the future,” states Burazin. “Our role is to ensure this transition happens securely and efficiently. By providing the necessary infrastructure today, we’re paving the way for a future where AI and human developers can collaborate seamlessly and safely.”

For more information about Daytona’s AI agent infrastructure or to experience it firsthand, visit https://openhands.daytona.io.

About Daytona

Daytona is pioneering the next generation of development environment management solutions. The company’s agent-agnostic middleware infrastructure enables AI coding assistants to operate at their full potential while maintaining enterprise-grade security and efficiency. Following a recent $5 million seed round, Daytona is rapidly expanding its operations and actively recruiting talent in both Split and New York offices.

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SOURCE Daytona Platforms, Inc

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CORRECTION: Aker Solutions ASA: Third-Quarter Results 2024

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OSLO, Norway, Oct. 31, 2024 /PRNewswire/ — Aker Solutions today published its third-quarter results for 2024. 

Correction: A revised version of the presentation is enclosed, addressing an error on slide 15 of the original presentation released at 07:00 CET

The previous slide incorrectly projected a revenue growth for 2024 of “more than 45%” from 2023-levels.

The correct projection, as stated in this morning’s press release and webcast presentation, is “more than 40%” from 2023-levels.

Please find the corrected presentation attached.

For more information, contact:
Preben Ørbeck
investor relations
preben.orbeck@akersolutions.com
+47 470 10 611

Hallvard Norum
media contact
hallvard.norum@akersolutions.com
+47 913 80 820

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/aker-solutions-asa/r/correction–aker-solutions-asa–third-quarter-results-2024,c4059606

The following files are available for download:

 

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SOURCE Aker Solutions ASA

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Axon Ivy is Positioned as the Leader in the 2024 SPARK Matrix™ Intelligent Business Process Management Suites (iBPMS) by QKS Group

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The QKS Group SPARK Matrix™ provides competitive analysis and ranking of the leading iBPMS vendors.Axon Ivy with its comprehensive technology and customer experience management, has received strong ratings across the parameters of technology excellence and customer impact. 

MIDDLETON, Mass., Oct. 31, 2024 /PRNewswire/ — QKS Group has named Axon Ivy as a Leader in their 2024 SPARK Matrix™ analysis of the Intelligent Business Process Management Suites (iBPMS) market.

The QKS Group SPARK Matrix™ evaluates vendors based on technology excellence and customer impact. It offers an in-depth analysis of global market dynamics, major trends, vendor landscapes, and competitive positioning. By providing a competitive analysis and ranking of leading technology vendors, the SPARK Matrix delivers strategic insights that help users access provider capabilities, differentiate competitively, and understand market positions.

Axon Ivy is recognized as a leader in the 2024 SPARK Matrix™: Intelligent Business Process Management Suites (iBPMS) for its robust capabilities that allow organizations to automate and integrate their existing systems while orchestrating people, data, systems, and other platforms, such as AI and RPA, on one unified platform. The open architecture of Axon Ivy iBPMS is designed for flexibility and extensibility, ensuring that the platform can easily integrate with third-party systems.

QKS Group defines Intelligent Business Process Management Suites as a cloud-based integrated group of technologies that automate business processes through low-code/no-code tools thus connecting people, systems, machines, and the Internet of Things (IoT). Intelligent Business Process Management Suites (iBPMS) help organizations perform end-to-end business process management by incorporating real-time decision-making, complex event processing, business rules engine, and artificial intelligence. In addition, iBPMS offers interactive social media capabilities to encourage real-time ad-hoc interactions, collaboration, and sharing of knowledge between users, IT teams, as well as developers using ‘cross-channel mobility enabled’ devices. The model-driven approach of iBPMS enables organizations to map, monitor, manage, and control complex business processes and optimize organizational performance to provide a sustainable competitive advantage enabling the creation of an efficient, dynamic, and agile platform.

“Axon Ivy’s Intelligent Business Process Management Suite (iBPMS) redefines enterprise process automation. The platform caters to users across all skill levels, offering a seamless development spectrum from no-code to full-stack capabilities. Its advanced user dialog concept, based on the model-view-controller pattern, ensures an intuitive interface design, while its open architecture facilitates extensive third-party integrations and custom extensions. Additionally, the intelligent document handling capability, powered by DocFactory, provides comprehensive document management,” said Kunal Pakhale, Senior Analyst at QKS Group.

Kunal further adds, “Axon Ivy’s innovative approach to iBPMS sets a new standard in the market, especially the platform’s intuitive user-centric design, robust Adaptive Case Management (ACM), and orchestration capabilities”. By enabling organizations to rapidly digitize both simple processes and complex, business-critical applications, Axon Ivy’s iBPMS stands out in today’s dynamic digital landscape for its flexibility, user-friendliness, and ability to meet diverse business needs.

“Axon Ivy is proud to be recognized as a SPARK Leader in the 2024 SPARK Matrix for Intelligent Business Process Management Suites,” said Rolf Gebhard Stephan, CEO of Axon Ivy. “This recognition validates our strategy of delivering innovative yet reliable technology while maintaining our focus on maximum customer satisfaction.”

The Intelligent Business Process Management Suites (iBPMS) market is experiencing significant growth as organizations worldwide embrace digital transformation as a strategic imperative. This reflects the increasing need for sophisticated process automation and intelligent workflow automation solutions. As organizations continue to lean on providing end-to-end automation solutions, iBPMS is crucial for enhancing efficiency, reducing expenses, and improving overall operational excellence. Over the next decade, iBPMS will likely evolve through several key growth factors including the integration of advanced AI capabilities for enhanced decision-making and predictive analytics, low-code platforms for democratizing process automation across organizations, Cloud-native solutions for facilitating seamless scaling and integration, and process mining solutions for continuous process improvements. As regulatory requirements grow more complex, automated compliance features will become essential. Furthermore, the convergence of iBPMS with adjacent automation technologies will drive efficiency, supporting an increasingly distributed workforce while maintaining robust security and governance frameworks.

Additional Resources:

For more information about Axon IvySPARK Matrix: Intelligent Business Process Management Suites, Q4 2024

About Axon Ivy:
Axon Ivy is a pioneering process automation and BPM software provider, dedicated to solving one of today’s most critical business challenges: inefficient processes. Headquartered in Switzerland with a global presence, the company combines nearly three decades of expertise with innovative technology that bridges simple workflows and sophisticated business-critical applications. Through its AI-enhanced platform, optimized for both business users and developers, Axon Ivy enables organizations to transform their operations, ensure compliance, and deliver exceptional customer experiences. Operating as an independent subsidiary of the Ricoh Group since 2022, Axon Ivy leverages deep industry knowledge and an extensive partner network to deliver future-proof solutions across all sectors. For more information, please visit https://www.axonivy.com/ .

Media Contact:

Alexandra Witzke-Ng
Head of Marketing /  Axon Ivy AG
E-Mail: Alexandra.Witzke-Ng@axonivy.com

About QKS Group:

QKS Group is a global advisory and consulting firm focused on helping clients achieve business transformation goals with Strategic Business and Growth advisory services. At QKS Group, our vision is to become an integral part of our client’s business as a strategic knowledge partner. Our research and consulting deliverables are designed to provide comprehensive information and strategic insights for helping clients formulate growth strategies to survive and thrive in ever-changing business environments.

For more available research, please visit https://qksgroup.com/ 

Media Contact QKS Group:

Shraddha Roy 
PR & Media Relations
QKS Group 
Regus Business Center 
35 Village Road, Suite 100, 
Middleton Massachusetts 01949 
United States 
Email: shraddha.r@qksgroup.com
Press Release Source: https://qksgroup.com/newsroom/axon-ivy-is-positioned-as-the-leader-in-the-2024-spark-matrixtm-intelligent-business-process-management-suites-ibpms-by-qks-group-849
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